Laserfiche WebLink
12 SLMO 2023-2028 Memorandum of Understanding <br /> 9.2 Tier Two: For “classic” CalPERS members hired on or after May 6, 2010, the City shall maintain a contract with CalPERS for the provision of a 2% @ 55 (highest 36 <br />months) retirement benefit formula pursuant to CalPERS requirements. Such plan <br />will also contain the three optional benefits listed above. Employees shall pay 7% of the employee contribution. Pursuant to IRS Code Section 414 (h) (2), these payments shall be made on a pre-tax basis. <br /> <br />9.3 Tier Three: For employees hired on or after January 1, 2013 and classified as “new” members of CalPERS as defined by Public Employees’ Pension Reform Act (PEPRA), the City shall maintain a contract with CalPERS for the provision of a 2% @ 62 (highest 36 months) retirement benefit formula. Also pursuant to PEPRA, <br />these employees are responsible for paying one-half of the normal cost of this <br />retirement plan. <br />Section 10.0 Compensation <br /> Salary for each classification varies from step 1 to step 5 as shown in Appendix B, salary <br />schedule. New hires and promotions may be placed at the step closest to a minimum five percent (5%) base salary increase, or any step, subject to the City Manager’s final approval. Employees may be advanced from their current step to the next higher step after each year of satisfactory performance. <br />The appendices reflects wage adjustments as follows: Effective January 1, 2023, all classifications shall receive an equity salary adjustment with exceptions noted below. The adjustment will be 5% above the salary range placement from the 2022 compensation study completed by Koff and Associates, as shown in <br />Appendix A. All employees will remain in their current step. <br />• Positions that are above the equity salary adjustment will be Y-rated. An employee’s salary will be frozen, and no salary increases will be provided <br />(including no cost of living adjustments) until the employee’s current salary is within <br />the newly established salary range. If an employee is granted a merit increase, the employee will advance one-step in the newly established salary range. <br />• The Economic Development Manager position will be placed in the salary range closest to the current salary range. <br /> A five (5%) percent salary increase effective July 1, 2023. A three and one-half (3.5%) percent salary increase effective July 1, 2024. <br />A three and one-half (3.5%) percent salary increase effective July 1, 2025. A three (3%) percent salary increase effective July 1, 2026. A five (5%) percent salary increase effective July 1, 2027. <br />DocuSign Envelope ID: EF681A38-577E-416B-B307-EA76BB515AD5